After the company’s June quarter results were released on Friday after market close, shares of City Union Bank saw a sharp increase in intraday trading today. Investors reacted positively to the report, highlighting the reduction in provisions.
In Q1 FY25, the bank recorded a net interest income of Rs. 545 crore, an increase from Rs 523 crore in Q1 FY24. During the same period, non-interest income went from Rs 191 crore to Rs 192 crore, a small rise. On the other hand, year-over-year, gross profit decreased to Rs. 373 crore from Rs 414 crore.
The bank made a provision of Rs 109 crore as of June 30, 2024, a reduction from Rs 187 crore at the same time the previous year. In the first quarter of FY25, profit after tax (PAT) increased to ₹264 crore from ₹227 crore in Q1 FY24.
As of 11:17 am, City Union Bank shares were trading 7.44 % higher at Rs 171.70.
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